Analyst, Jason DeRise, said, "UNFI guided that it would achieve FCF in the $30-50m range despite capex rising from $31m to $70-80m (UBSe $75m, 1.25% of sales). In addition to an estimated incremental $18m in net income we expect working capital to improve ($27m). UNFI expects inventory days to improve, which we estimate improves to 48 days from 50 (though there was minimal improvement in H2 12FY vs expectations). In addition, accounts receivable will likely be less of headwind. These offset some of the ramp up in capex, allowing FCF to be $29m."

FY13 EPS estimate lowered from $2.38 to $2.24 and FY14 from $2.64 to $2.61.

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